We Can Help When Starting a New Business

If you are opening a new business this summer, we have some basic information the help you get started. There are so many little things & we want to help you cover all of your bases.

1. Type of Business – This is one of the first decisions you need to make. The most common types of businesses are sole proprietorship, partnership, corporation, S corporation, and Limited Liability Company. The type of business you decide on will determine which tax forms you need to file. We advise you to come in & meet with a partner to discuss what type of business would be best for you.

2. Types of Taxes – When you decide on #1, that will determine what types of taxes you will need to pay & how to pay them. The 4 general types of taxes for businesses are income tax, self-employment tax, employment tax & excise tax. Make sure you make an appointment with us to make sure you are paying all the taxes required so you don’t end up in a bind.

3. EIN – Your business typically needs to get an Employer Identification Number so you can be identified for tax purposes. We can help you apply for this or it can also be done online.

4. Recordkeeping – This is a biggie and good records will help you keep track of your deductible expenses for your tax return. This also helps you monitor the progress of your business and prepare financial statements. Don’t want to do this? Not a problem – we provide bookkeeping services and back office services so you can focus on your business and do what you do best without the worry of all the paperwork.

5. Tax Year – You’ll have to figure out if your tax year will be a calendar or fiscal year.

6. Accounting Method – You must use a consistent accounting method to report your income & expenses. This would be cash or accrual methods to pick from.

We are very excited about your new business and would love to help you get started & help your business grow & succeed. Contact us for your free 30 minute consultation! 913.239.9130 info@MCcpas.com http://www.MCcpas.com

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